Luye Pharma, Tian Ge Interactive Stage Strong Debuts in Hong Kong

Chinese Companies Ignore the Benchmark Hang Seng Index's Decline

HONG KONG—Strong retail interest sent shares of two Chinese companies sharply higher on their debuts here, even as the city's benchmark index fell the most in two weeks.

Drug maker Luye Pharma Group Ltd. jumped as much as 18% on Wednesday. Early this month, the price of its initial public offering was set at the high end of a range that had been indicated to investors, suggesting robust demand. The company raised US$764 million in...